Abitibi exercises Wallbridge option on Quebec gold project
Abitibi Metals Corp. [AMQ-CSE, AMQFF-OTC, 4KG-FSE) said it has satisfied its obligations under a property option agreement with Wallbridge Mining Company Limited [WM-TSX, WC7-FWB] and has earned a 100% right, title and interest in the Beschefer property in Quebec. Beschefer is an advanced gold exploration property consisting of seven claims and covering approximately 962 acres located in the northern Abitibi greenstone belt. It is situated in an orogenic gold setting 45 kilometres northeast of the Casa Berardi mine, 30 kilometres southwest of Wallbridge’s Fenelon gold project, and within seven kilometres of the Abitibi’s B26 polymetallic copper deposit.
Abitibi shares were unchanged at 24 cents Friday. The shares trade in a 52-week range of 68 cents and 20.5 cents.
Back in November, 2024, Abitibi Metals announced an updated resource estimate and maiden resource for the B26, which hosts an indicated resource of 11.3 million tonnes of 2.13% copper equivalent (CuEq). That amounts to 307.9 million pounds of copper, 316.9 million pounds of zinc, 168,200 ounces of gold and 11.6 million ounces of silver or 532.3 million pounds of CuEq.
 On top of that is an interred resource of 7.2 million tonnes of 2.21% CuEq. That amounts to 246 million pounds of copper, 27.3 million pounds of zinc, 200,800 ounces of gold and 1.7 million ounces of silver, or 348.8 million pounds of CuEq.
In November, 2023, Abitibi secured the option to earn an 80% interest in the B26 Deposit from SOQUEM Inc., a subsidiary of Investissement Quebec. Abitibi described the project as one of the most promising mineral discoveries in Quebec, with a current strike length of 1.0 kilometre and depth extent of 0.8 kilometres, open for expansion.
The B26 project covers 3,327 hectares and is located 5.0 kilometres south of the Selbaie mine and about 90 kilometres due west of Matagami.
“Securing 100% of the Beschefer gold project is a significant milestone for Abitibi Metals, reinforcing our commitment to advancing high-quality exploration assets in the Abitibi greenstone belt,’’ said Abitibi President and CEO Jonathon Deluce. “The Beschefer project has consistently delivered impressive high-grade gold intercepts such as 55.63 g/t gold over 5.57 metres, demonstrating strong near-term resource potential in a well-established orogenic gold setting,’’ he said. “With its proximity to our B26 deposit and other key regional projects, Beschefer represents a strategic growth opportunity for the company. We look forward to advancing exploration efforts and unlocking the full value of this asset for our shareholders.’’
Pursuant to the option agreement, Abitibi has issued a final payment of 2.03 million common shares to Wallbridge Mniing and incurred $3.0 million in qualified expenditures over a four-year period.